About Multitude Bank
Multitude Bank p.l.c., a subsidiary of Multitude AG, is licensed by the Malta Financial Services Authority to provide a range of banking services to its clients. Its EU banking license enables it to provide its services from Malta to other jurisdictions within the EEA, including the acceptance of deposits, which are covered by the Maltese Depositor Compensation Scheme.
Multitude Bank is the backbone of the Multitude growth platform, offering various banking services to customers via different brands. The Bank offers its customers secure and professional deposit and personal loan solutions at speed, with the simplicity and openness of our uncomplicated and efficient online service. In many cases, loans can be approved within a matter of minutes. Our success lies in our simple processes, quick service and strict security. The experience is further enriched by the expertise of our employees whose dedication, know-how and service skills retain customers and gain referrals all over the world.
Multitude Bank p.l.c. is a public limited company, registered under the laws of Malta with number C56251, with its registered address at ST Business Centre 120, The Strand, Gzira, GZR 1027, Malta. Multitude Bank p.l.c. is licensed as a credit institution by the Malta Financial Services Authority, Notabile Road, BKR 3000, Attard, Malta (http://www.mfsa.com.mt/). Details on how the Bank is regulated by the Malta Financial Services Authority are available upon request.
Board of Directors
Chairman of the Board
Mr Carmel (k/a Charles) Borg was appointed as the Chairman of the Bank in April 2017 and also sits on the Bank’s Nominations and Remuneration Bank Committee. Mr Borg has a professional career of 34 years at Bank of Valletta plc during which he occupied various senior management positions, including that of chief executive officer between 2011 and 2015. He has occupied directorship positions of listed companies in Malta and was appointed chairman of the Housing Authority during the period 2008 to 2011. He also chaired the audit board of the European Investment Fund, which is a subsidiary of the European Investment Bank, and of MAPFRE Middlesea p.l.c.. Mr Borg also served as a director on the World’s Savings Bank in Brussels and was also the president of the Institute of Financial Services and the president of the Malta Bankers Association. Mr Borg is a fellow of the Chartered Institute of Bankers (UK) and holds a banking degree and a Masters degree in financial legislation from the University of Malta.
Members of the Board
Non-Executive Director
Mr Jorma Jokela has been a member of the Board of Directors since 2012 and also sits on the Bank’s Nominations and Remuneration Bank Committee. Mr Jorma Jokela is the founder of Multitude Group. He studied accounting at the Commercial College of Kuopio and the Helsinki Business College and has an eMBA from IMD Business School in Lausanne, Switzerland. He is the founder of Jokela Capital Oy in Helsinki where he headed the company as chief executive officer from 1998 to 2000. He subsequently sold the Jokela Capital business in 2004. In 2005, he founded Ferratum Group, which was subsequently renamed Multitude Group and has been a member of the board of directors since then. Mr Jokela is currently a member of the board of JT Capital Limited, Jokela Capital OÜ and Jokela Capital Oy.
Non-Executive Director and Company Secretary
Ms Lea Liigus has been a member of the Board of Directors since 2012 and also sits on the Bank’s Risk Committee. Ms Lea Liigus is the Chief Legal and Compliance Officer of Multitude Group and has been a member of the Group’s Board of Directors since 2006. She studied law at the University of Tartu in Estonia and completed a Master of Laws (LL.M) programme in contract and commercial law at the University of Helsinki in Finland. Before she joined Multitude Group in 2006, she worked as a lecturer for commercial law and EU law at the Estonian business school in Tallinn and as an attorney-at-law specialised in commercial, financial and EU law at Sorainen Law Offices in Estonia.
Non-Executive Director
Dr Clemens-Matthias Fritz Krause was appointed as a member of the Board of Directors in May 2018. Dr Krause is a member of the Audit Committee, chairman of the ALCO and Chairman of the reserving committee. He originally joined Multitude Group in 2012 as the company’s chief financial officer and the managing director of Ferratum Germany GmbH. Between 2018 to 2020, he acted as the chief risk officer of Multitude Group. He was re-appointed to the position of chief risk officer of Multitude Group in 2021 and occupied the position till March 2025. During his professional career he has held various management positions at companies including Bankgesellschaft Berlin AG, Deutsche Bahn, E-Loan Europe, E*Trade Germany, GE Money Bank (General Electric) and Commerzbank. He studied business administration at the Westfälische Wilhelms-Universität in Münster and in 1992, completed his PhD thesis about credit rating with artificial intelligence at the Institut für Rechnungswesen in Münster.
Executive Director
Mr Antti Kumpulainen is the Chief Executive Officer of the Bank. He was appointed as member of the Board of Director in July 2023 and is the Chair of the Executive Committee, Investment Committee, Credit Committee, and member of ALCO and Reserving Committee.
He joined Multitude Group in 2016 as country manager for Finland. He joined the Bank in 2018 as chief commercial officer. Mr Kumpulainen has been the Chief Executive Officer of the Bank since April 2021. He was deputy and acting chief executive officer from March 2019, before being appointed in his current role. Mr Kumpulainen started his career in banking at Sampo Bank Plc in 2003 as service manager for credit cards and consumer lending. In 2007, he moved to Ab Compass Card Oy Ltd where he worked as credit manager and department manager before becoming the chief risk officer of Elisa Finance in 2014. Mr Kumpulainen has a Bachelor of Agriculture and Forestry in Forest Economics at the University of Helsinki in Finland.
Non-Executive Director
Mr Victor Denaro was appointed as member of the Board of Directors in April 2018 and is a member of the Risk Committee. He served as an I.T. consultant in various local entities and boasts a career with significant national and international successes in major I.T. transformation projects. He occupied various senior level roles within Bank of Valletta plc from 1993 to 2015 where he provided executive guidance on all aspects of I.T. as the Group Chief Information Officer. He successfully positioned the bank to attain national market leadership with the successful implementation of new technologies and systems, which include, but are not limited to, core retail banking (1999), treasury and wholesale (2001), internet banking (2002) and mobile banking (2009). Mr Denaro implemented a new I.T. division structure comprising of 120 professional staff and five technical and operational units. He successfully introduced industry-acknowledged methodologies, such as service structure management, roles, capacity management and risk assessment. He also managed international and national relationships with key vendors, consultants and licensees and was responsible for an annual budget of circa €10 million to €12 million. He holds a Masters in Business Administration from Business School of Grenoble, specialization in Business Consultancy.
Non-Executive Director
Mr Erik Mikael Ferm was appointed as member of the Board of Directors in April 2017 and chairs the Risk Committee. From 2012 to 2019, he acted as the chairman of the board and non-executive director at Multitude Group. Mr Ferm has had a long career in financial services and organisational development, spanning over 20 years across the UK and Europe. From 2002 to 2012, he worked as a partner at Palamon Capital Partners, a private equity firm investing in growth companies across the EU. Between 2000 and 2002 he acted as investment director at UBS Capital, focusing on private equity investments in Nordic region. He has also worked in advisory services on mergers and acquisitions, as well as management reporting and cash management. He holds a Masters degree of Science in business administration from the Stockholm School of Economics.
Senior Management
Chief Executive Officer
Mr Antti Kumpulainen, joined Multitude Group in 2016 as country manager for Finland. He joined the Bank in 2018 as chief commercial officer. Mr Kumpulainen has been the Chief Executive Officer of the Bank since April 2021. He was deputy and acting chief executive officer from March 2019, before being appointed in his current role. He is the Chair of the executive committee, investment committee, credit committee, and member of ALCO and reserving committee. He has been appointed as an executive director to the Bank's Board in July 2023. Mr Kumpulainen started his career in banking at Sampo Bank Plc in 2003 as service manager for credit cards and consumer lending. In 2007, he moved to Ab Compass Card Oy Ltd where he worked as credit manager and department manager before becoming the chief risk officer of Elisa Finance in 2014. Mr Kumpulainen has a Bachelor of Agriculture and Forestry in Forest Economics at the University of Helsinki in Finland.
Chief Banking Officer & Deputy CEO
Mr Dario Azzopardi joined the Bank in 2015 to set up the treasury function and worked within the financial planning and analysis team. Mr Azzopardi was appointed as Chief Operations Officer in 2018, steering the operations department which covers payments, controls, regulatory reporting, vendor management and correspondent banking relationships. In 2022, Mr Azzopardi was then appointed as Chief Banking Officer and serves as Deputy CEO since 2023. In his current role Mr Azzopardi is driving the Bank’s operations, deposit platforms and the payments business. He is a member of the executive committee, investment committee, credit committee and ALCO. Mr Azzopardi is an experienced professional with over 18 years’ experience in the banking and assurance fields. His work experience covers finance, business, process improvements, leadership, and payments. Mr Azzopardi started his career with PricewaterhouseCoopers where he worked in various industries, locally, as well as in London and New York. Mr Azzopardi is a warranted certified public accountant and holds a practicing certificate in auditing, both issued by the accountancy board in Malta. He is a member of the Malta Institute of Accountants. He holds an Honours degree in accountancy and a degree in commerce from the University of Malta.
Chief Investment Officer
Alain Nydegger, born in 1984 in Switzerland, joined Multitude in 2024 as Chief Investment Officer, leading the newly launched independent business unit, Wholesale Banking, which offers secured debt financing for lending and real estate stakeholders. Mr Nydegger is a member of the executive committee and investment committee. He is a seasoned leader having spent the past 17 years in the financial industry. Most recently, Mr Nydegger served as the Chief Executive Officer at Pala Assets Ltd., where he spearheaded transformative initiatives, resulting in positive returns over multiple years within a global high-yield credit portfolio. His strategic acumen and leadership were instrumental in orchestrating high-volume financial restructurings and fostering collaborations with stakeholders and fellow executives. Mr Nydegger holds a Bachelor's Degree in Business Administration from HWZ University of Applied Sciences and an Executive MBA from IMD Business School in Switzerland.
Chief Financial Officer
Mr Kenneth Zammit joined the Bank as the Chief Financial Officer in 2012, and is responsible for leading the finance, treasury and correspondent banking functions of the Bank. He is a member of the executive committee, ALCO, investment committee, credit committee and reserving committee. Mr Zammit is also appointed as the managing director of Vector Procurement Solutions Inc, a global procurement centre for the Group, based in Canada and holding a branch in Malta. Mr Zammit is an experienced finance professional with over 25 years’ experience in the banking, insurance, assurance, and other fields. His work experience covered the areas of finance, financial control, internal and external auditing, risk management, treasury management, correspondent banking, international payments, insurance and AML. Prior to joining the Bank, Mr Zammit held a number of senior management positions with international banks operating from Malta, namely Renault Bank and Novum Bank. He also held senior management positions with Hal Mann group in Malta and Ernst & Young Malta. Mr Zammit is a warranted certified public accountant and holds a practicing certificate in auditing, both issued by the Accountancy Board in Malta. He is a fellow of the Malta Institute of Accountants and the Malta Institute of Management. He holds an Honours degree in Accountancy and a degree in Commerce from the University of Malta.
Chief Risk Officer
Mr Louie Scicluna joined the Bank as Chief Risk Officer in 2018. Mr Scicluna brings banking experience of over a decade and a half to bear in overseeing the Bank’s risk strategy and appetite, including the development and implementation of risk management protocols which are used across the Bank. In this role he promotes the building and sustenance of a strong culture in which all employees understand the importance of managing risk to ensure responsible growth and the satisfaction of client requirements. As the chief risk officer, Mr Scicluna reports both to the Bank’s Board of Directors as well as to the board committees. He is a non-voting member of the Bank’s executive committee and voting member in the credit committee, reserving committee, investment committee, ALCO as well as being a voting member of the Group’s consumer lending credit committee. His position also requires him to attend both the Bank’s and Group’s risk committees. Before joining the Bank, Mr Scicluna worked for Bank of Valletta p.l.c. where he held a number of senior positions within the bank’s risk management department. Mr Scicluna holds an Honours degree in banking and finance and a Masters in financial services from the University of Malta.
Head of Internal Audit
Ms Iveta Stoyanova joined the Bank as Head of Internal Audit in August 2018 and she is responsible for organising and managing the whole internal audit activity of the Bank by reviewing the Bank’s processes, systems, policies and procedures. Ms Stoyanova has professional experience as head of internal audit for more than 14 years and more than 25 years professional experience in the banking and financial sectors. Her work experience covered the areas of accounting, tax, payments, finance, financial control and internal auditing. Prior to joining the Bank, Ms Stoyanova held a number of senior management positions with international bank and financial institutions operating in Bulgaria, namely Piraeus Bank Bulgaria AD (Head of Internal Audit) and Transact Europe EAD (CFO) in which Ms Stoyanova also held a board member’s position. Ms Stoyanova is a member of the institute of internal auditors. She graduated from the Executive Master of Business Administration program in Cotrugli Business School and has a Masters degree of Economics in the University of National and World Economy, Sofia, Bulgaria.
Head of Legal & Compliance
Dr Patrick Buhagiar joined the Bank in November 2012 as its Head of Legal and Compliance, a position that he has occupied since. He is a non-voting member of the Bank’s executive committee and in carrying out his duties, he reports directly to the Bank’s Board of Directors and its committees, especially the Audit Committee. He was admitted to the Maltese bar in 2005, after graduating from the University of Malta with an LL.D. in 2004. He furthered his studies at the University of Malta and obtained a Magister Juris in E.U. and Comparative Law in 2006. Prior to joining the Bank, he worked for almost three years as a legal and compliance manager with the Maltese subsidiary of an international banking group, which he joined after a four-year stint as one of the managers within the legal and international affairs unit of the MFSA. As a result of his previous positions with both the regulatory authority and the private sector, he has extensive experience in advising banks on the regulatory aspects of their business. He is periodically appointed as an external examiner within the Faculty of Laws of the University of Malta.
Money Laundering Reporting Officer
Mr. Degaetano joined the Bank as a Compliance Officer in March 2021 and appointed as the Bank's Money Laundering Reporting Officer (“MLRO”) in October 2024. Reporting directly to the Board of Directors and the Audit Committee, he also leads the Bank’s anti-money laundering programme as Head of Financial Crime Compliance, supported by a dedicated and skilled second-line team.
Active in financial crime compliance since 2015, Mr. Degaetano’s expertise spans local and international contexts, having spent more than five years consulting on numerous AML projects including KYC remediation, de-risking, institutional risk assessments and skilled person reviews. His in-depth experience ensures robust adherence to regulatory standards and effective risk mitigation strategies.
Mr. Degaetano holds an Honours degree in Economics and a Bachelor’s degree in Economics and Management from the University of Malta, as well as an International Diploma in Anti-Money Laundering from the International Compliance Association. Over the years, he has actively contributed to the field by participating in numerous seminars and delivering training sessions on anti-money laundering, countering the financing of terrorism, and broader compliance matters, demonstrating his commitment to fostering a culture of compliance within the financial services industry.